2 days ago
Trump Media and Technology Group (TMTG) plans to rise $3 cardinal to acquisition Bitcoin (BTC) and different crypto, arsenic the Financial Times reported.
The study cited six radical briefed connected the transaction, who said the institution intends to merchantability astir $2 cardinal successful caller equity and different $1 cardinal of convertible bonds.
Additionally, the sources said the offering size grew successful caller weeks arsenic request strengthened, and TMTG whitethorn unveil the program astatine a crypto-investor gathering successful Las Vegas, wherever Vice President JD Vance, Donald Trump Jr., Eric Trump, and the “Crypto Czar” David Sacks volition speak.
People progressive successful the discussions said that if TMTG completes the offering astatine the targeted size, it would instantly deploy astir fractional the proceeds to bargain Bitcoin and allocate the remainder opportunistically.
According to data from Bitcoin Treasuries, this concern would crook TMTG into the seventh-largest Bitcoin holder among publically listed and backstage companies.
Trump Media raising $3B for crypto buys mirrors Strategy playbook
TMTG volition operation the equity information arsenic an at-the-market sale, placing shares adjacent the May 23 adjacent of $25.72, which valued the media radical astatine astir $6 billion.
The convertible enslaved tranche gives investors indebtedness that tin power into stock, a mechanics that Strategy popularized during its accumulation of 580,250 BTC.
People acquainted with the negotiations told the study that Brokers ClearStreet and BTIG are successful talks to underwrite the deal.
In a statement, TMTG rejected the report’s sourcing arsenic “dumb” but offered nary further comment, portion representatives for Donald Trump Jr. and the White House declined to respond.
Broader crypto ventures
President Donald Trump and his household person cultivated crypto-related ventures, specified arsenic the TRUMP memecoin, a stake successful miner American Bitcoin, and the instauration of the decentralized exertion World Liberty Financial.
TMTG besides plans to motorboat a line of crypto exchange-traded funds (ETFs) nether the “Truth.fi” marque successful concern with the speech Crypto.com.
Notably, TMTG revealed the Truth.fi limb connected April 29 successful a missive to shareholders. The papers besides considered launching a digital wallet and a token called Truth+.
Furthermore, the President hosted a backstage meal for the apical holders of his memecoin astatine his edifice extracurricular Washington past week.
The station Trump Media reportedly plans $3B rise for crypto buys via equity raise, enslaved backing appeared archetypal connected CryptoSlate.
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